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Tax-Free or Tax-Deferred? Roth vs. Traditional IRA, Which is Better? | Ep 28
Traditional IRA vs. Roth IRA – Which one is better?
In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.
Click here to Download Your FREE “3 Steps” to Plan an Epic Retirement Worksheet: https://www.trunorthwealth.com/newsletter-signup
What’s included: 3 Steps to Planning an EPIC Retirement
Step 1: How will You Spend Your Time?
Step 2: Identify Your Income & Expenses
Step 3: Putting it all Together
Start YOUR FREE Financial Plan Today:
Now available – FREE ACCESS – to a Financial Planning Tool:
Click here: https://bit.ly/GetFinancialPlan
Connect with Danette Lowe, CFP®
https://linktr.ee/trunorthwealth
Visit Our Website: https://www.TruNorthWealth.com
Episode Summary:
She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.
The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.
Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.
Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.
Follow Us on Facebook:
https://www.facebook.com/TruNorthRetirementPlanning
About Danette: https://tinyurl.com/28pg94tt/
Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.
Danette Lowe, CFP®
Founder – Wealth Advisor
TruNorth Wealth Management, LLC
1662 HWY 395 N, Suite 203, Minden, NV 89423
Connect with Danette @ https://linktr.ee/trunorthwealth
This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.
View all episodes
By Danette Lowe CFP®Traditional IRA vs. Roth IRA – Which one is better?
In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.
Click here to Download Your FREE “3 Steps” to Plan an Epic Retirement Worksheet: https://www.trunorthwealth.com/newsletter-signup
What’s included: 3 Steps to Planning an EPIC Retirement
Step 1: How will You Spend Your Time?
Step 2: Identify Your Income & Expenses
Step 3: Putting it all Together
Start YOUR FREE Financial Plan Today:
Now available – FREE ACCESS – to a Financial Planning Tool:
Click here: https://bit.ly/GetFinancialPlan
Connect with Danette Lowe, CFP®
https://linktr.ee/trunorthwealth
Visit Our Website: https://www.TruNorthWealth.com
Episode Summary:
She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.
The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.
Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.
Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.
Follow Us on Facebook:
https://www.facebook.com/TruNorthRetirementPlanning
About Danette: https://tinyurl.com/28pg94tt/
Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.
Danette Lowe, CFP®
Founder – Wealth Advisor
TruNorth Wealth Management, LLC
1662 HWY 395 N, Suite 203, Minden, NV 89423
Connect with Danette @ https://linktr.ee/trunorthwealth
This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.